Posted On: 2019-04-24
Passenger elevator segment holds the largest market share in the overall Kuwait elevator and escalator market– 6Wresearch
Under the Kuwait National Development Plan 2035 initiative, efforts are being made to transform the oil dependent economy of the country to a non-oil dependent one. Additionally, overall increased government spending would result in substantial infrastructural development across several sectors of the economy over the coming years. The recovery in oil prices has also led to the rejuvenation of the construction sector in the nation and around 700 projects are currently in the development stage in Kuwait, with a combined value of approximately $230 billion. Hence, the elevator and escalator market of Kuwait is predicted to experience healthy growth in such domains over the years to come.
According to 6Wresearch, Kuwait elevator and escalator market size is projected to grow at a CAGR of 2.3% during 2019-25. An increase in construction of high-rise buildings and skyscrapers would upsurge the installation of elevators and escalators in the country. The escalator segment is expected to witness substantial growth during the forecast period, primarily due to increasing installation of such solutions across airports, metros, and railway development projects in the country.
According to Rachit Gulati, Assistant Manager, Research and Consulting, 6Wresearch, “Kuwait is focusing on diversifying and building a resilient economy. With increasing construction activities in the region, particularly in Kuwait City, the demand for high- speed passenger elevators are expected to witness significant growth. Also, with several upcoming projects in the residential domain, the demand for home elevators is anticipated to surge in the country during the forecast period”
According to Kanchan Negi, Senior Research Analyst, Research and Consulting, 6Wresearch, “In the services segment, the new installation market accounted for the highest revenue share in 2018 owing to surge in demand for new elevator and escalator installations in the country in recent years across the commercial domain.”
Some of the key players in Kuwait elevator and escalator market include Otis, KONE, Schindler, Hyundai, and Thyssenkrupp.
"Kuwait Elevator and Escalator Market (2019-2025)" report provides an in-depth analysis with more than 50 figures covered in more than 100 pages. The report estimates and forecast the overall Kuwait elevator and escalator market by types, regions, services, and applications such as commercial, residential and industrial. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.